Financial Aid - Student Loans

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Student Loans

Student's that have completed their Free Application for Federal Student Aid (FAFSA) and who meet qualification requirements for Federal Student Aid may borrow money through the Federal William D. Ford Direct Stafford Loan program to meet their college costs.

How do I apply for a student loan?

You must be registered in an active Degree-Seeking program at Ocean County College and in a minimum of 6 credits to be eligible to apply for a student loan. You may wish to contact the Ocean County College Financial Aid Office on (732) 255-0400 or via email at financialaid@ocean.edu to ensure you meet loan eligibility requirements.

What is my loan type?

The results of your Free Application for Federal Student Aid (FAFSA) will determine the type of loan you are eligible for. For more information, please contact the Ocean County College Financial Aid Office on (732) 255-0400 or via email at financialaid@ocean.edu.

How much can I borrow?

Your loan amount will depend on your eligibility for financial aid and cannot exceed the total cost of education minus any other aid you may receive. The Ocean County College Financial Aid Department has a policy of allowing students who are applying for a loan to cover the cost of 1 semester within an Academic Year to borrow no more than 50% of the annual maximums listed below.

Year
Dependent undergraduate students (except students whose parents are unable to obtain PLUS loans)
Independent undergradute students (and dependent students whose parents are unable to obtain PLUS loans)
Graduate and professional degree students (doesn't apply to OCC students)
First Year (Under 30 completed credits) $5,500 - No more than $3,500 of this amount may be subsidized. $9,500 - No more than $3,500 of this amount may be subsidized. $20,500 - No more than $8,500 of this amount may be subsidized.
Second Year (Over 30 completed credits) $6,500 - No more than $4,500 of this amount may be subsidized. $10,500 - No more than $4,500 of this amount may be subsidized.
Third Year and beyond (doesn't apply to OCC students) $7,500 - No more than $5,500 of this amount may be subsidized. $12,500 - No more than $5,500 of this amount may be subsidized.
Maximum total debt from Direct Stafford Loans when you graduate $31,000 - No more than $23,000 of this amount may be subsidized. $57,500 - No more than $23,000 of this amount may be subsidized. $138,500 - No more than $65,500 of this amount may be subsidized. The graduate debt limit includes Stafford Loans received for undergraduate study.

*These amounts are subject to change by the Federal Government. Please refer to Federal Direct Loans for further information.

When will my loans be disbursed?

A Federal loan is disbursed in installments, normally after the attendance census date of each semester. Loan proceeds are credited directly to the student's account.
First-time borrowers at Ocean County College must wait 30 days from the beginning of the semester before a loan can be disbursed.
You will receive notification via email from Ocean County College and via mail from the lender when each disbursement is released.
You must meet loan eligibility requirements at the time of disbursement or the loan will be cancelled.

What are the loan requirements?

What is a Master Promissory Note (MPN)?

A Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the lender. It also explains the terms and conditions of your loan(s).
A MPN MUST be signed and a copy received by the Ocean County College Financial Aid office BEFORE a loan can be placed as "pending" on a student's account and before the first disbursement can be made. The MPN is a multi-year document that only needs to completed once during your time at Ocean County College.
To complete a MPN online, you will be required to use your Department of Education-issued PIN number.

What is Entrance Counseling?

Entrance Counseling helps you understand your responsibilities regarding your loan. Except for Parent Direct PLUS loan borrowers, all first time borrowers at Ocean County College are required to complete Entrance Counseling.
Entrance Counseling MUST be completed and and a copy of the confirmation page received by the Ocean County College Financial Aid office BEFORE a loan can be placed as "pending" on a student's account and before the first disbursement can be made.

Where can I find more information on the Direct PLUS Loans?

For more information on the Federal Direct PLUS loans, you can visit Student Aid on the Web.

What are the requirements of a Direct PLUS Loan?

When do I start re-paying my loan?

Once you are no longer enrolled in at least 6 credits in an eligible program, you'll receive a 6-month grace period during which you are not required to make loan payments. You must begin repayment at the end of your grace period. You are required to complete Exit Counseling upon graduation from Ocean County College.
For more information on loan re-payment, in-school deferments, grace periods and loan consolidation, please visit Direct Loans - Graduating or Leaving School.

The Direct Loan Program offers different repayment options designed to meet the need of almost every borrower. For more information on these plans, you can visit Direct Loan Repayment Plans.

You can calculate your repayment amounts using the Federal Repayment Calculator.

How do I cancel my loan?

A Federal Direct loan may only be cancelled prior to it's disbursement date. You may request the cancelation of your loan directly through the Ocean County College Financial Aid office. There are also certain conditions upon which all or part of your loan may be cancelled - for more information on these conditions, please visit Direct Loans - Cancellation and Consolidation.

Federal Loan Cancellation Eligibility Summary.

What is a loan deferment or forbearance?

Under certain circumstances, you can receive a deferment or forbearance on a Federal loan. During a deferment, you are allowed to postpone payments temporarily, and no interest will accrue on a subsidized loan.

If you are temporarily unable to meet the repayment schedule, but are not eligible for a deferment, you can receive forbearance for a limited and specific period. During forbearance, your payments are postponed or reduced, but interest continues to accrue on subsidized loans.

Deferments and forbearances are not automatic. You must formally request a deferment or forbearance through the procedures established by your lender. You must continue to make payments until you're notified that the deferment or forbearance has been granted.

Deferment Conditions.

How do I find out how much I owe or who my lender(s) is?

The National Student Loan Data System (NSLDS) is the U.S Department of Education's central database for student aid. You may obtain information on the amount(s) of your loan(s) and contact information for your lender(s).

What happens if I don't re-pay my loan?

If you/your parent fail to make continuous payments towards your loan or you stop making payments, you/your parent could be placed into Loan Default. If you are in Loan Default, the following may happen;

Ocean County College Student Loan Cohort Default Rates


What happens if I have questions or concerns regarding my student loans and OCC can't help me?

If you or your parent is in dispute over loan funds received while a student at Ocean County College and you've taken all necessary steps to resolve the dispute but feel it has not been resolved to your satisfaction, you have the right to contact the Federal Student Aid Ombudsman Group for further assistance in resolving your case.

Loan information is available from the Ocean County College Financial Aid office and can be mailed to students or parents upon request. Alternatively, read and download our publications and fact sheets.